DBu Accounting

Thank you so much to Zoe Lacey-Cooper and CPD Store UK for a brilliant surprise in the post!

I still say it was the best CPD decision I have made in my career and glad I got in right from the start!

I hope you all get a break and a chance to recharge over the Christmas break!
A massive and grateful thank you to all of my clients for their support throughout 2021!

PLEASE BEWARE HMRC SCAMS!
Especially at this time of year.

IMPORTANT THINGS TO BEAR IN MIND:

- HMRC's primary form of communication is letter (in those famous brown envelopes);
- If you have an accountant, speak to them before providing any information or panicking about any phone call, text or letter;
DON'T DO ANYTHING before speaking to your accountant if you have one. (Most don't charge extra to check a letter etc - I certainly don't!)
- Never provide bank details/card payments by phone or online if they have phoned or text you;
- Offer to phone a person back you are unsure of by getting them to tell you their department and obtaining the phone number from gov.uk or hmrc.gov.uk
- Check the status of your account first in your HMRC online login (Called Government Gateway, Business Tax account or Personal Tax account) at gov.uk or hmrc.gov.uk
- 2021 Personal tax returns are due for submission on 31st January (you have missed the deadline for paper submission, but you can still submit it online without penalty);
- If you have a limited company, the deadline dates may be different, so you should check whether it is the personal tax return or company tax return being spoken about to check your duties.

BE CAREFUL TO AVOID SCAMS especially at this time of year
AND REMEMBER TO SUBMIT YOUR TAX RETURNS ON TIME because you will get a penalty if you submit late even if you are due a repayment or overpaid tax.

Happy International Accounting Day! 10th November

Celebrating that we are always focused on supporting businesses and individuals

DBu Accounting is committed to Continuing Professional Development in all areas of the services we provide.

Our Xero Adviser Certification has now been extended for 2022.

Budget Announcement 4:

Retail, Hospitality and Leisure businesses will get a 50% discount on Business Rates (up to £110,000).

This is likely to be dealt with by councils directly, so please check your bill when it arrives to ensure you receive the discount if you are in eligible categories and query it if it doesn't appear before you have to start paying in April.

Budget Announcement 3:

If you sell an asset/property subject to Capital Gains tax, you now have 60 days to submit (increased from 30).
Most people aren't aware of the requirement to submit in addition to the normal tax return, so don't miss the deadline!

Budget announcement 2:

Remember that the Health and Social Care levy is being introduced from 6th April 2022.

For the 2022/23 tax year it will be added to the NI rate before being separated into its own area. So it is NOT an increase in NI as widely publicised.

The health and social care levy is 1.25%, which is added to Employees NI, Employers NI, Class 4 NI (Self Employed) and Dividend tax for investors and owners of limited companies.

Budget announcement 1:
Unfortunately the missing announcement from the speech.
The annual allowances remain unchanged:
Personal allowance £12,570
Annual savings allowance £1,000
Dividend allowance £2,000

Only minor increases of approximately inflation to NI allowances

Budget coming up in the next hour! Like and Follow for updates over the coming days on how it may affect you personally and your business.

Employer Notice!
Furlough Now Ended
Submit September claims by 14th October!

Some notes on the Prime Minister's announcement for the Health and Social Care levy!

- The guidance shows:
- It is starting April 2022.
- 1.25% will be added to Employees National Insurance
- 1.25% will be added to Employers National Insurance
- 1.25% will be added to Self Employed National Insurance
- 1.25% will be added to Dividend taxes which will affect small business owners as well as those seen as richer investors.

Guidance is new and I am sure more will come. If you have an accountant, please keep in touch with them.
I'm sure employers will be able to give some guidance to employees nearer the time when it reaches them.

Employer Furlough Reminder!

- Deadline for August claims: 14th September
- August and September claims just 60%
- August and September employees must still be paid 80%
- September is the FINAL Month of furlough.

Reminder for Parents/Carers receiving Child Benefit for Children turning 16:
You need to confirm to HMRC that they are staying in approved education to continue to receive Child Benefit for them.
More information can be found on the HMRC website: https://www.gov.uk/child-benefit-16-19

Child Benefit when your child turns 16 Child Benefit for 16 to 19 year olds - when payments stop or continue, approved education or training, extensions.

Changes to furlough for July pay periods! Make sure you get it right!

If you claim Tax Credits, remember that your deadline for renewing is fast approaching on 31st July 2021!
You can get more information on HMRC website at https://www.gov.uk/government/news/440000-tax-credits-customers-still-to-renew-claims

EMPLOYER NOTICE: Don't miss the deadline for submitting June furlough claims - Coronavirus Job Retention Scheme.

Furlough rules change from today.

Don't get caught out by different submission deadlines!

Please be careful of scams for the next Self Employed Income Support Scheme grant.
DON'T click on links in emails or texts and instead go directly yourself to hmrc.gov.uk and search for the SEISS.
The scam emails look very realistic so please protect yourselves and pass on to others to warn them too.

DBu Accounting has maintained qualification as a Quickbooks Online Advanced ProAdvisor.
DBu Accounting continues to support clients using Quickbooks, Xero, FreeAgent, IFA Books+ or who would like to modernise their recording keeping from spreadsheets or paper records - saving you valuable time, making you more efficient and possibly more profitable!

An announcement particularly for those who submit personal tax returns themselves and so may not be aware:

HMRC have been pausing processing 2021 tax returns (but you can still submit), particularly for refunds due to the huge number of returns being submitted with errors related to Covid support payments so you are likely to have to wait longer.

Please check that your tax return has the Covid support payments in the correct place.
It is important they appear in the correct place and are removed from the incorrect place (which is where you may have inadvertently included them) because you could end up paying too much tax too!

If you would prefer to get an accountant to take the troubles and worries out of the process, please feel free to get in touch for a free quote! [email protected]

PLEASE READ AND PASS ON!
If you're self employed and have received any Self Employed Income Support Scheme (SEISS)!
PLEASE PLEASE make sure you enter the correct information in the correct boxes on the tax return.
Be VERY careful that the SEISS isn't accidentally double counted!
Be VERY careful that the amounts entered are correct!
Be VERY careful if you use software for bookkeeping and/or tax returns PLEASE make sure it processes it correctly because not all of them will, and it could lead to problems after submission and paying too much tax!

Employers: Make sure you don't miss the deadline for submitting furlough claims.

New QR code to get to the NEW LOOK website!

If your profits took a dip last year and you could be due a refund or even just a reduction in your July payment in advance - get in touch to find out more and get a quote!

Remember that DBu Accounting provides free information on how to claim Work From Home Allowance, Marriage Allowance, Uniform expense reclaim and how to check your tax code.
There is NO SIGNUP, NO CHARGE.
PLEASE DON'T PAY A COMPANY WHO WILL TAKE A COMMISSION.
If you have an accountant doing your tax return, they will usually do this for you as part of their work with no additional charge. DBu Accounting certainly does!
You can visit www.dbuaccounting.co.uk/useful-information for details

DBu Accounting and Business Solutions - Useful Information Budget 2020 will be published by the Chancellor and HM Treasury on Wednesday 11th March 2020. This page will be updated with the latest information as soon as possible.

If you have started a 'side hustle' in the last year or so, please be aware that if your sales go above £1,000 (before expenses) in a year, you must register with HMRC as self employed and submit a tax return.

DBu Accounting can support you to get it right, but whatever you do, please don't forget to register asap otherwise you may be liable to penalties and interest.

URGENT Employer Notice:
Furlough claims for April 2021 pay must be submitted by 14th May 2021!

Happy Bank Holiday Weekend!
If you're not working, I hope you have a good one!
If you're working, I hope it goes well!
If you run a business that will be open, I hope it is successful!